Marcus by Goldman Sachs CD Rates

Marcus by Goldman Sachs 6-Month High Yield CD

4.20% APY

High Yield CDs

These certificate of deposit interest rates at Marcus by Goldman Sachs start relatively low with its six-month term. However, the interest rates on terms of a year or more are competitive with other high-yield banks’ ranks. 

These rates are locked in from the moment you open the account until its maturity date. Plus, if you fund your CD with at least $500 within the first 10 days of account opening, you can receive the highest rate possible for that account. If you choose to renew an account, it will renew at the current rate. 

Marcus compounds interest daily and credits interest to your account(s) monthly. Compounding interest daily means that your earned interest in turn earns interest more frequently than if it compounded monthly or quarterly as with some other banks. 

To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.

No-Penalty CDs

Marcus by Goldman Sachs also offers three No-Penalty CDs. Unlike a typical certificate of deposit, these allow you to withdraw any amount from your account starting seven days after account opening. These also require at least $500 to open and earn at competitive rates. 

Save more with these rates that beat the National Average

• Savings & MMAs
• CDs

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Overview of Marcus by Goldman Sachs Bank CDs 

Marcus by Goldman Sachs offers nine CD term lengths between six months and six years, allowing you to save toward both your short-term and long-term savings goals. Opening a CD account with Marcus is free, too. Accounts with longer terms earn at more competitive interest rates. When you fund your account with at least $500 within 10 days of opening it, you’ll receive the highest rate Marcus offers for your selected CD.

Unlike many other banks, Marcus gives you 30 days after account opening to fund your CD. After that time, however, you cannot make any additional deposits. You must deposit a minimum of $500 in order to open a CD account. The bank also allows for penalty-free withdrawals of any interest credited to your account at any time during the CD’s term. You can also set up monthly transfers of your earned interest to another bank account. You will need to call the bank to set this up. 

These withdrawals and transfers exclude the principal amount. If you want to withdraw a portion (or all) of the principal amount, you’ll face early withdrawal penalties. For terms less than 12 months the penalty is 90 days’ simple interest, terms of 12 months to five years cost 270 days of interest and terms longer than five years penalize 365 days of simple interest earned. Early withdrawal penalties differ from bank to bank.

To avoid the penalties, you’ll need to wait for your account’s maturity date to withdraw more than just the interest earned. After the maturity date, you have a 10-day grace period when you can make your withdrawals, transfers and any other changes. If you want to renew the account, you don’t have to take any action to do so.

How Much You Earn With a Marcus by Goldman Sachs Bank Certificate of Deposits Over Time 

Many of Marcus’ accounts have pretty low rates. This means that you’ll only earn a few dollars in interest over the course of the term, even with interest compounding daily. You’ll earn more over time with the 9 month CD. However, keep in mind that you cannot access the full amount until the account reaches maturity. No matter the account’s term length, you can benefit more by making larger deposits.

The table below shows what your total balance could look like depending on your initial deposit and your term length.

How Marcus by Goldman Sachs Bank CDs Rates Compare to Other Banks' 

When compared to Capital One and Ally Bank long-term CDs, Marcus generally keeps up with their rates. Where Marcus falls short is in its short-term CD, the six-month option. Ally Bank CDs offer much higher interest rates for its accounts. 

Should You Get a Marcus by Goldman Sachs Bank CD Account?

If you’re looking for some of the highest long-term CD interest rates in the industry, a Marcus CD could be just the right account for you. Don’t forget you do need at least $500 to open a CD with this bank. Once you meet that minimum, you’ll have access to high interest rates to grow your savings. 

It’s also important to remember that CDs are stricter when it comes to moving your money around. You don’t have the ability to make additional deposits or principal withdrawals throughout the term. Marcus does allow deposits within the first 30 days and withdrawals of interest earned, though. However, if the limits of a CD don’t suit your needs, you might want to consider Marcus’ High Yield Savings Account instead.

Marcus by Goldman Sachs Investments

In early 2021, Goldman Sachs announced Marcus Invest, an investing arm of Marcus that will allow small investors to put money into exchange-traded funds with a balance of as little as $1,000.

Goldman has traditionally only courted high-income investors, but the success of other robo advisors like Robinhood may have convinced the finance giant that smaller investors were also a worthwhile demographic to target.